In recent months, China and India have created a new environment less nurturing for digital assets by tightening regulation. Their authoritarian-leaning governments do not appreciate crypto's decentralized nature. JPRubin23 reports
For all its widening popularity worldwide, cryptocurrency remains in a delicate position in Asia's two largest countries, which have been so important in the industry's rapid growth. In recent months, China and India have created a new environment less nurturing for digital assets by tightening regulation. Their authoritarian-leaning governments do not appreciate crypto's decentralized nature that takes its lead from no one.
In a statement, the three associations said NFTs have the potential to promote"the digitalization of industries and digital industrialization," but warned against financial risks related to hyping the assets, money laundering and other illegal financial activities. China had been the world's crypto mining leader and its investors had been among the world's most active. The crackdown ignited an immediate bitcoin price drop – long since recovered – and re-ordering of the mining industry that continues today.
On April 1, just days after its lower house voted the provision into law, India began imposing a 30% tax on crypto tax transactions that doesn't allow offsetting gains with losses from other crypto transactions. A subsequent 1% tax deducted at source liability will take effect on July 1. Crypto proponents said the measures impede crypto's progress in the world's second-largest country by population.
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